The Andrew Tan-led Megaworld Corp. is expecting a big increase in its rental income this year with the aggressive expansion of its office space inventory, a move seen to cement the firm’s leadership in the country’s office development industry.
”Year after year, we are looking into aggressively expanding our office space inventory to increase our rental income,” Jericho
Go, Megaworld first vice president, said.
In a briefing held on Wednesday, it was announced that Megaworld is expanding its office space inventory to around 712,000 square meters this year.
Megaworld currently has 26 corporate office towers in the country, 10 of which are in Libis, Quezon City, 14 in Bonifacio Global City in Taguig, one in Pasay, and one in Cebu City.
Four more office towers, on the other hand, are expected to be completed this year.
According to Megaworld, around 112,000 square meters of office spaces suited for Information Technology-Business Process Outsourcing (IT-BPO) operations and corporate offices will be added to its inventory this year.
Specifically, a total of 126 companies are leasing from Megaworld’s office spaces offered in various townships in Metro Manila, Cebu and Iloilo. Around 87 percent of the total leased spaces are used by IT-BPO companies.
Currently, an estimated 110,000 employees are working in Megaworld’s townships. The biggest bulk of which are in Eastwood City, the country’s first IT park; and McKinley Hill, the company’s biggest township project in Metro Manila which is also home to four foreign embassies and four international schools.
The completion of the additional four office towers in the group’s other mixed use development projects—Uptown Bonifacio, The Mactan Newtown and Iloilo Business Park—will create around 60,000 additional jobs in the next five years, the property giant added.